Although work might be halted on jobsites, the financial end of the construction business is still in motion. The majority of building design firms require a group or single person to guarantee loans and capital to commence the entity. The primary place of residence lies on the bank loan covenants and now many face an unsure medium-term future. Good workers might be fired. Many practices will lack the monies to pay their staff all that’s owed, plus long-term leave and other payments simultaneously.
So how do we survive? Land leases on premises, bank loans, housing loans, children’s school expenses and costs, medical insurance, all have to be paid. The Australian government is poised to offer some financial remedies. But we all must be there for one other.
Those who stay in the business will have a tough road ahead; those who retire will see a portion of their retirement monies vanish. Even the anticipated recovery period will loom as a tough challenge, as we must be robust and prepared to supply the boom.
The first order of business is to take care of yourself. Don’t let anything pass your lips that is not healthy and nourishing. Ensure the physical and emotional welfare of friends and family.
Also take care of business—and if bankruptcy is the only way out, so be it.
Instead of worrying and fretting away your extra time, go online, open up a book and relearn your craft—studying up on building practises as you sharpen your knowledge and skill set and perhaps pick up a new degree or some additional credentials. With any luck, your employee might cover the cost of online courses or offer some of their own. Then, with the time you have remaining, tackle a home renovation project or pursue a favorite hobby.
If we also study up and power up, then we will be more than prepared to return to the building industry stronger, more educated and more successful than ever—and, most of all, ready to build!